USDCAD Movement
On Friday, the USD declined 0.17% against the CAD to close at 1.0452. The Canadian Dollar advanced after a report showed that manufacturing shipment in Canada rose 0.6% (MoM) in September, more than analysts’ expectation for a 0.5% rise and compared to a reading of 0.0% registered in August.
In the Asian session, at GMT0400, the pair is trading at 1.0431, with the USD trading 0.20% lower from Friday’s close.
The pair is expected to find support at 1.0411, and a fall through could take it to the next support level of 1.0392. The pair is expected to find its first resistance at 1.0468, and a rise through could take it to the next resistance level of 1.0506.
With no major economic releases in Canada, traders are eyeing global economic news for additional cues in the pair.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
